PERSONAL
- Wills and estate planning
- Powers of Attorney
- Applications for Probate and Letters of Administration
- Family maintenance applications
- Applications for provision from deceased estate to the Supreme Court and County Court
- Guardianship and Administration applications
WILLS
Will – Making a Will – Beneficiary – Executor – Process – Probate – Claim – Entitlement – Assets – Will Lawyers Victoria – Will Lawyers Kew – Will Lawyers Melbourne – Estate – Estate Lawyers Melbourne – Estate Lawyers Kew
- Introduction – What is a Will?
A Will, when drafted correctly, is a legally binding document that records your wishes to make provision for others to receive your assets after you have passed away.
Without a Will your estate is governed by legislation. This means that assets could be claimed by relatives who you do not wish to benefit under your Will, that you would not have appointed an Executor who takes the role of administering and making final decisions about your estate, and that the cost of settling your Estate may be more than if you had a Will.
- Commonly used Terms
What is an Executor? – An Executor of a Will is the person named in a Will who is responsible for the administration of your Will and making final decisions about your Estate.
What is a Beneficiary? – A Beneficiary is someone named in a Will as entitled to receive an asset pursuant to the Will.
What is a Bequest? – A Bequest is the act of leaving a gift to someone when you pass away.
What is Testamentary Capacity? – Testamentary Capacity, simply put, means that someone has the mental capacity to make a Will.
- Do I need a Will?
The benefits of having a valid Will when you pass away are that there is a record of your wishes and who you want to benefit once you pass away. It often also means that your Estate can be finalised quickly.
It is therefore recommended that all those that have testamentary capacity and are over the age of 18 years have a Will. It is a relatively inexpensive way to ensure that your wishes are known in the event that you predecease your loved ones.
Furthermore, there may be taxation benefits of having a Will and you should consult your accountant regarding these potential benefits.
- When should I change my Will?
Making a new Will automatically cancels out your old one and you can change your Will as often as required. You should review your Will every couple of years or when you feel your personal circumstances have changed.
Marriage and divorce affect the validity of your Will and in either of these occasions it is prudent to review your Will. You should also consider reviewing your Will when you enter or end a domestic relationship or separate after marriage.
Further, having children may also affect the validity of your Will and is a time when your intentions may change. You may also wish to consider a guardianship clause in your Will indicating your intentions regarding the legal guardian of your children if you pass away whilst they are under the age of 18 years.
You should also review your Will if you buy a significant asset or get involved in a new business, company or trust.
- Commonly asked Questions
Home-made Wills and Will Kits – are they effective?
Home-made Wills and Will kits are often problematic as they have not been prepared by a solicitor who understands the requirements of making a legally binding Will.
A solicitor preparing your Will ensures that the Will is drafted correctly, has been witnessed correctly, reflects your intentions at the time, will advise you of any foreseeable issues that may arise at the administration of your Estate and can advise you of any potential challenges to your Estate.
What is the difference between a Will and a Power of Attorney?
Wills and Powers of Attorney are commonly confused although they are two very distinct legal documents. A Power of Attorney is essentially a document that operates during the makers lifetime to allow the nominated person (their Attorney) to act on their behalf. Comparably, a Will comes into effect once someone has passed away and relates to the distribution of their Estate. Furthermore, a Power of Attorney ceases to be effective and cannot be used when the person who made the Power has passed away.
Will the government receive my assets if I do not have a Will?
If there is no valid Will at the time of death the Estate will be administered according to legislation. This does not necessarily mean that the government will receive your assets however you will not have control over who does receive them as the legislation at the time of your death will dictate the distribution.
- Cost for making a Will
Please telephone Ms Helaine Pandeli on 03 9857 0666 or email helaine@pandeli.net.au if you would like an estimate of the costs to prepare your Will.